v3.26.1
Fair Value Measures and Disclosures (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Earn-out Liabilities The following table, which may contain slight summation differences due to rounding, provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):
Six Months Ended
June 30,
20262025
Balance as of beginning of period (a)
$72.6 $112.7 
Additions
0.6 — 
Fair value adjustments (b)
5.5 (3.7)
Payments(21.3)(19.2)
Balance as of end of period (a)
$57.4 $89.8 
(a)Earn-out liabilities included within other current liabilities totaled approximately $23.6 million and $28.2 million as of June 30, 2026 and December 31, 2025, respectively.
(b)For the six months ended June 30, 2026, fair value adjustments related primarily to increases within the Pipeline Infrastructure segment. For the six months ended June 30, 2025, fair value adjustments related primarily to decreases within the Power Delivery segment, which were partially offset by increases primarily within the Pipeline Infrastructure segment.
Summary of Investment Activity The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
2026202520262025
Equity in earnings (a)
$10.8 $7.8 $15.6 $16.0 
Distributions of earnings (b)
3.1 6.1 6.8 9.8 
(a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.
(b)Distributions of earnings from the Waha JVs are included within operating cash flows.